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Nearly half of 55-64 year olds uncertain as to when they will retire

Consumers are becoming increasingly uncertain about their definitive retirement age, as squeezed pension pots may mean that they have to work longer than expected or put off retirement altogether.

The latest figures from Baring Asset Management ("Barings") have revealed that less than half (44%) of the non-retired adults aged between 55 and 64 can pinpoint their retirement date. More than a third (38%) have no idea when they will be able to hang up their work hats, while 12% haven’t factored retirement into their plans for the future at all.

This is in stark contrast to figures recorded before the height of the financial crisis in 2008, when a staggering 100% of non-retired respondents were confident that they would retire. Just 1% of survey respondents also had a question mark over the age that they will retire, demonstrating just how precarious the UK’s economic climate has become over the last four years.
Commenting on the figures, Marino Valensise, Chief Investment Officer at Baring Asset Management, said: "Our research reveals that, for a worryingly large proportion of the British population, retirement is very uncertain. A significant number cannot afford to retire, owing to a combination of increasing longevity, a decline in the value of annuities and a lack of pension savings. The auto enrolment scheme may go some way to addressing this problem and it will be interesting to see how this impacts the results of our survey next year.”

Further figures from the research revealed that more than a third (36%) of non-retired adults who do not have a pension will be relying on the state pension to see them safely through retirement. The number of at-retirement age group (55 - 64) adults who don’t have a pension has also increased from 26% in the 2011 survey, to a current figure of 30%.

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